Grocery delivery app Zepto has raised USD 60 million (around Rs 449 crore) in an early stage funding from investors like Glade Brook, Nexus, Lachy Groom, Y Combinator and Global Founders Capital. The founders — Aadit Palicha and Kaivalya Vohra — left behind computer science degrees at Stanford University to build Zepto, which has been operating since the past six months. It offers delivery in 10-minutes.
“We have raised USD 60 million in an early-stage funding round from institutional investors like Glade Brook, Nexus, Lachy Groom, Y Combinator and Global Founders Capital and individual investors including Neeraj Arora, Manik Gupta and a few others. “We will use the money to expand our service nationwide,” the founders of the city-based startup said in a statement on Monday.
Since Zepto operates through its optimised network of cloud stores or micro-warehouses, it is able to consistently deliver in 10 minutes through a combination of technical and operational excellence. Zepto is expanding quickly across Mumbai, Bengaluru and Delhi-NCR and will be launching in key areas in Hyderabad, Chennai, Pune and Kolkata over the next month.
Zepto has its operational headquarters in Mumbai and tech office in Bengaluru and its management team includes senior leaders from some of the largest startups, including Flipkart, Uber India, Dream11, Pharmeasy, and Pepperfry.